WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?

 

* Unlike “the man who would be king” Trump, “Vice President Kamala Harris has released 20 years of personal tax returns, stretching back to the earliest days of her political career”, as Joseph Thorndike reports in “No Surprises In Kamala Harris’s 20 Years Of Tax Returns” at FORBES.COM.

* ACCOUNTING TODAY identifies the “20 states with the highest tax burdens in 2024”.

Of course, New Jersey is in the top 10, although not as high on the list as in the past.

*  Peter J Reilly did an analysis of how the average taxpayer whose income is based on tips would fare under Trump’s ridiculous proposal to exempt tips from taxation in “No Tax On Tips - Now Social Security - What Is Next?” -

“To analyze ‘no tax on tips’, I had to make up a hypothetical waitress who worked 2,000 hours at the tipped employee federal minimum wage of $2.13 and received $30,000 in tips. She had three kids. Then my partner had to create a return in Drake to run three scenarios. The first one was a baseline. The second was based on the Senate bill to exempt tips, which did not change her bottom line at all. The second was on a House bill to exempt tips which, because of how the earned income tax credit works ended up costing the hypothetical waitress about $2,500 net and a possible reduction in future social security benefits. The House bill created some savings for her employer, so there is that.”

As I had previously mentioned here, the main beneficiary of a “no tax on tips” policy would be employers with lots of tipped employees, like Trump.

And, as PJR’s analysis points out, the major beneficiaries of a “no tax on Social Security” would be taxpayers with high income who also collect Social Security, like Trump.

Sadly, these proposals will “buy” Trump votes from the “unwashed”.  Mark Cuban make an astute observation on Trump proposals like these two – “Trump is like that guy wo will say anything to get laid.”  But correctly warns, “only this time he’s trying to fuck the country.”

THE LAST WORD -

Trump’s only real success, and the source of his undeserved credibility, was the excrement known as #RealityTV.

What do Reality TV and Trump and his Presidential campaign, and today’s Republican Party, have in common?

Both are based on presenting fiction as truth.

TTFN